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paoloardoino's profile
Paolo Ardoino
Paolo Ardoino
Paolo Ardoino
Verified account
@paoloardoino

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Paolo ArdoinoVerified account

@paoloardoino

CTO @bitfinex + CTO @tether_to [Views are my own]

London
github.com/prdn
Joined January 2010

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    1. Whalepool‏ @whalepool 28 Jun 2020
      Replying to @SBF_FTX @SBF_Alameda

      value error is because the auto-fetching of prices was broken (changed now) bitfinex does minimum 2.5bps taker fee if other incentives push below thispic.twitter.com/xsTtBXjkAI

      1 reply 0 retweets 0 likes
    2. SBF‏Verified account @SBF_FTX 28 Jun 2020
      Replying to @whalepool

      Hm I still think that doesn't get you 2.5bps taker fees on BFX:https://www.bitfinex.com/fees 

      1 reply 0 retweets 0 likes
    3. Whalepool‏ @whalepool 28 Jun 2020
      Replying to @SBF_FTX @SBF_Alameda

      its not particularly well-described in the documentation 25% discount "up to 6bp", but highest spot taker fee is 20bp so (25% discount is 5bp less), and then with footnote saying minimum taker is 2.5bp, but lowest taker is 5.5bp at 25% discount is 4.125bppic.twitter.com/lOyjiNedjW

      1 reply 0 retweets 0 likes
    4. SBF‏Verified account @SBF_FTX 28 Jun 2020
      Replying to @whalepool

      Yeah that is super unclear. Empirically pretty sure the answer here is that e.g. 9bps taker fee tier + level 3 LEO --> 7.1bps

      1 reply 0 retweets 1 like
    5. Whalepool‏ @whalepool 28 Jun 2020
      Replying to @SBF_FTX @SBF_Alameda

      but wouldn't it just be 25% disc aka 6.75bp ? just don't understand what the "6bp" and "min 2.5bp" mean if they aren't applicable

      1 reply 0 retweets 0 likes
    6. SBF‏Verified account @SBF_FTX 28 Jun 2020
      Replying to @whalepool

      min 2.5bps means nothing can go below there I *think* 'up to 6bps' means that nothing can decrease your fees by more than 6bps And yeah I agree that right now neither could possibly happen, I suspect it's just future-proofing it.

      1 reply 0 retweets 1 like
    7. Rj‏ @RobertJandeJong 28 Jun 2020
      Replying to @SBF_FTX @SBF_Alameda @whalepool

      Will try my best to explain: Level 3 tier starts at 10K usdt worth of Unus Sed Leo. - 25%/ - 10%. Now for every additional 10k usdt worth of LEO you hold 0.02 bps per discount. up to 1M usdt worth of LEO after that it goes into 50k usdt to get 0.01 BPs whith a cap of 6 BPS.

      3 replies 0 retweets 1 like
    8. SBF‏Verified account @SBF_FTX 28 Jun 2020
      Replying to @RobertJandeJong @whalepool

      I thought they had changed that? But I could be wrong. Calling @paoloardoino! Is there a fee benefit to holding more than 10k LEO?

      1 reply 0 retweets 0 likes
    9. SBF‏Verified account @SBF_FTX 28 Jun 2020
      Replying to @SBF_FTX @RobertJandeJong and

      Oh wait you work at Bitfinex @RobertJandeJong I'm definitely wrong

      1 reply 0 retweets 0 likes
    10. SBF‏Verified account @SBF_FTX 28 Jun 2020
      Replying to @SBF_FTX @RobertJandeJong and

      Wait actually I have more confusions here. Is it the same for crypto-stablecoin and crypto-fiat?

      2 replies 0 retweets 0 likes
      Paolo Ardoino‏Verified account @paoloardoino 28 Jun 2020
      Replying to @SBF_FTX @SBF_Alameda and

      crypto-to-crypto/(stablecoin): with 10k USDt worth of LEO you get 25% discount. After that discount grows up to additional 6bps crypto-to-fiat: with 10k USDt worth of LEO you get 15% discount. After that discount grows up to additional 6bps We'll improve fee page

      11:09 AM - 28 Jun 2020
      • 2 Likes
      • Mark @Bitfinex SBF
      1 reply 0 retweets 2 likes
        1. New conversation
        1. Whalepool‏ @whalepool 28 Jun 2020
          Replying to @paoloardoino @SBF_Alameda @RobertJandeJong

          "after that discount grows up to additional 6bps" -- grows based on, 2bp per additional 10K? so 30K USDT equiv LEO = 25% discount plus 4bp ?

          2 replies 0 retweets 0 likes
        2. Rj‏ @RobertJandeJong 28 Jun 2020
          Replying to @whalepool @paoloardoino @SBF_Alameda

          0.02 BPS* and 25% + BPS

          0 replies 0 retweets 1 like
          3. End of conversation

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